 Gold investors to be gripped by IPO feverPublished on Tue, Mar 20, 2007 at 11:58 | Source : Moneycontrol.com Updated at Tue, Mar 20, 2007 at 12:10 Like this story, share it with millions of investors on M3
The IPO fever is now set to grip investors in gold. India saw its first gold traded fund list on the National Stock Exchange and for 15,000 investors buying gold in paperless form became a reality - and this may be just the beginning, reports CNBC-TV18.
Each unit of gold bees comprises of 1 gm gold. Gold bees units were allotted at a price of Rs 945 per gram of gold and were traded today at a price of Rs 951 although the first transaction was at Rs 1,000 per unit. Gold bees will invest in physical gold that will be held by the custodian. The unit prices will reflect the underlying value of the physical gold in the international market. The mutual fund will create fresh units for new investors by buying gold from its eight authorised participants. These participants will be market makers for the fund. Investors will be able to buy units of gold exchange traded funds just like they buy shares from exchanges. Even UTI mutual fund has just concluded the offer period of its gold ETF and has raised in excess of Rs 200 crore. The fund will list on NSE next month. Other fund houses like HDFC, Reliance are also lining up gold ETF in the time to come. (Check out - Upcoming MF Offers)
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Indians can get set to buy gold like they buy stocks and trade on it. 
